Saudis Increase Production, But Little Gain From Jeddah Summit

Like the Big Bad Wolf, they huffed and they puffed but they could not bring the house down. Despite the rhetoric and one prime minister’s pledge to take a blow torch to OPEC, the oil cartel remains intact and oil prices stay high. After a summit in Jeddah, those with oil to sell rejected the claim the stuff is too expensive and a cooperative scheme put up by Britain’s Gordon Brown faltered.

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